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The pet insurance industry got its start almost a century ago in Sweden where about half that country’s pets are now insured. In North America, Veterinary Pet Insurance Co., a subsidiary of Nationwide, sold its first pet insurance policy in 1982 to cover the dog playing Lassie on television.
The North American Pet Health Insurance Association (NAPHIA) reported that the pet health insurance sector for the U.S. and Canada posted a combined gross written premium of $1.42 billion in 2018, up from $1.15 billion in 2017. The total number of pets insured reached 2.43 million at year-end 2018, up by over 17 percent from 2017.
Dogs represented approximately 88.9 percent of in-force gross written premium in 2018. According to NAPHIA, there are 12 major pet insurance companies in North America.
Sixty-seven percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). This is up from 56 percent of U.S. households in 1988, the first year the survey was conducted.
(millions)
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Source: American Pet Products Association's 2019-2020 National Pet Owners Survey.
(millions)
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Source: American Pet Products Association's 2017-2018 National Pet Owners Survey.
($ billions)
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(1) Includes food, supplies and over-the-counter medicine, veterinary care, live animal purchases and grooming and boarding.
(2) Estimate.
Source: American Pet Products Association's 2019-2020 National Pet Owners Survey.
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(1) APPA does not ask survey participants how much in total they spend on their dog or cats annually. The expenses listed above are not all inclusive and each category was asked separately of the survey participant.
Source: American Pet Products Association's 2019-2020 National Pet Owners Survey.